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Update on Amboy Direct Savings Accounts - New Rates and $50 Bonus


Update 7/03/08: The current rates include: 3.25% APY $3K+ e-Savings, 3.05% APY $30K+ Money Market Maximizer, 3.05% APY APY Premium Online Savings, and 4.25% APY 3-month into for NJ. See bottom of post for the rate history.

AmboyDirect is offering a $50 sign-up bonus for its Amboy Direct eSavings. Offer is good until 3/01/08. This account is different than Amboy's Premium Online Savings Account which has been the main Amboy account that I've reported on. The Premium account used to have the best rates, but this has recently changed. The yield on the eSavings account is now 4.25% APY for balances of over $3K. The yield on the Premium account is now only 4.00% APY for balances over $1. Below are the basic feature of this eSavings account:
  • No monthly balance minimums or service fees
  • $100 minimum opening balance
  • 4.25% APY on balances from $3K to $100K
  • 1.00% APY on balances from $300 to $2,999
  • No interest on balances below $300
  • Maximum deposit of $100K

And here are the details on the eSavings bonus:
To receive the $50 bonus, you must open a new Amboy eSavings account and keep a minimum monthly average balance of $3,000 or more for 90 days. The bonus will be credited within the following statement cycle after account meets 90 day balance requirements. Only one new client bonus per household. This bonus offer cannot be combined with other promotional offers. Offer good until 3/01/08.

A higher rate is available on Amboy's Money Market Maximizer Account. The current yield is 4.50% APY for balances over $30K. The yield for balances between $5K and $30K is 2% APY, and there's no interest for balances under $5K. Just like the eSavings, there are no monthly balance requirements or monthly fees.

Amboy still offers 5.50% for 3-months for New Jersey residents who open the Money Market Maximizer. They've been offering this promotion since last year. The 3 months of 5.50% only applies to balances between $30K and $100K. Update 2/18/08: the 3-month intro yield has fallen to 5.00% APY.

These accounts have an ACH electronic funds transfer service. If it's like the ACH service for the Premium Savings Account, the ACH features are not the best:
  • Only allow one linked account at a time
  • Changing a link requires you to mail a $1 payable to yourself
  • ACH debits initiated from third parties are blocked
  • ACH deposits initiated from third parties are accepted
  • ACH transfer speeds have been fast: 1 to 2 days for outbound transfers and one day or less for inbound transfers

Another thing to note is that there's no hard credit inquiry in the application (at least not for the Premium Savings). For more details about the Premium Savings account and its $25 refer-a-friend bonus, please refer to this post.

Amboy Direct is part of Amboy National Bank which has been FDIC insured since 1934 (FDIC Certificate # 6423).

Thanks to Gary who mentioned this eSavings account.

Rate History:

Update 3/4/08: The rates have gone down. The new rates are 3.56% APY e-Savings, 4.00% APY Money Market Maximizer, 3.65% APY Premium Online Savings, and 5.00% APY 3-month intro for NJ.

  Tags: savings account

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Comment #1 by leodude (anonymous) posted on
Dont forget the Bonus Reference Code:
I almost missed putting that in..

Comment #2 by virgquest (anonymous) posted on
Anyone know if you can get the $50 bonus if you already have a Premium Savings Account, but open a new eSavings account?

BTW - regarding the ACH, I was able to change my Amboy linked account online via their website. The used the test deposit method. Once I logged back in to verify the deposits, I got an email stating that my linked account had been changed. It seems that they've upgraded since the old days of mailing in a check.:)

Comment #3 by Anonymous posted on
Thanks! Signed up for the $50 bonus. :)

Comment #4 by a_rog (anonymous) posted on
It's hard to keep up with these rates, they are falling so fast. I'm reading up on the new e-savings account in your blog, and clicked on your link to the Premium Online Savings account which I already have. I showed a current yield of 4.0, the same as you, but as you will see, that yield has now dropped to 3.75% - makes your head spin.

All the more reason to get into the new e-savings account. Thx for the heads up. I have the same question as virgquest - are existing holders of the Premium Online Savings account eligible for the $50 bonus? They seem to be eligible, but this phrase is a bit ambiguous "Only one new client bonus per household."...not sure what they mean by 'new client'. But if you put in your zip code to get more info, the reply is an invitation to apply along with the bonus code. - will probably take a phone call to find out for sure.

Comment #5 by Anonymous posted on
transfered 3k from Shorebank account to get a free $50..thanks

Comment #6 by Anonymous posted on
This might have been already answered; but do you earn 5% intro for 3 months on the entire balance on say $35,000, or, only on the balance amount between 30k and 100k? cuz the tiny print on the 5% doesnt make sense. It states:
* 5.00% 3 month bonus with balances $30,000 to $100,000 earn combined APY of 4.30%. $100,000-$250,000 earn APY from 4.30% to 4.12%. $5,000- $29,999 earn 2.00%: under $5,000 earns no interest. Maximizer's Everyday rate $30,000 to $250,000 is 4.00% APY and may change daily. One bonus per household, new client only. Offer can be withdrawn at any time. $100 to open, $250,000 maximum. Fees may reduce earnings. Not available at Amboy branches. Ratewatch survey 2/13/08.

Comment #7 by Anonymous posted on
sorry, but when the FED cuts rates in march, you can say goodbye to the 4.25% apy.

Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
About how they come up with the 4.30% APY for balances between $30K and $100K, they take into account a blended APY with a 5% rate for the first 3 months and an assumed 4% APY for the next 9 months. The result is a blended APY of 4.30%. The entire balance earns this rate (assuming it's between $30K and $100K). UmbrellaBank did a similar thing when for their old 3-month promo.

Comment #9 by a_rog (anonymous) posted on
FYI ---

You are not eligible for the $50 bonus for opening an e-Savings account if you already have Amboy's Premium Online Savings account. I found this out after applying today - I received a phone call from Amboy.

When I said that was not mentioned in the account or bonus information, the reply was that in the 'Click to Learn More' pop-up, the phrase "eSavings New Client offer" means that the bonus is available only to new Amboy customers. I said I thought it could more clear what that meant, and was told they appreciated my comment, would pass it along, but no $50 bonus.

Comment #10 by larkin (anonymous) posted on
E-Savings now 3.56%. Premium Savings at 3.65%. Maximizer now 4.00%.

Comment #11 by Anonymous posted on
As of 7/3/08, intro rate for Money Market Maximizer is 4.25.